Essar Oil dropped over 3 percent to Rs 53.75 after the Gujarat High Court on Monday rejected Essar Oil LTD plea for relief in repayment of over Rs 8,000 crore due as sales tax deferment liability and directed the state to expedite the recovery.

SpiceJet Ltd up nearly 2 percent to Rs 33.35 after the no-frills airline is in discussions with two West Asian airlines, Etihad Airways and Qatar Airways, for a minority stake sale.

"The rupee was largely flat in opening trade tracking overall caution in risk assets, with investors still disappointed about the lack of bold measures to prop up the currency," a Reuters report added.

The rupee was at 56.90/93 to the dollar as compared to its previous close of 57.01/02 on Monday.